AMD Hits Longest Win Streak in a Year, Intel Reaches 4-Year High! AI Fever Spreads to CPUs Ahead of Tomorrow’s "Big Test"
As the blistering demand for AI hardware spreads beyond memory chips to CPUs, the earnings performance of Intel and AMD has undoubtedly become the focal point of this U.S. earnings season.
With Intel set to release its results first on Friday morning Beijing time (Thursday after-market), the stock prices of these two global CPU giants are surging further.
Market data shows that AMD shares notched their seventh consecutive gain on Wednesday, fueled by rising optimism over the company's AI server CPU business. Meanwhile, Intel has also delivered a standout performance this year; its stock has surged 47% in 2026, ranking third among the top gainers in the S&P 500.
AMD closed nearly 8% higher on Wednesday. According to Dow Jones Market Data, the stock has risen for seven straight trading days, marking its longest winning streak since February 19, 2025.
Intel’s gain was even more dramatic—climbing 11.7% to finish at $54.25 on the penultimate trading day before its earnings report. This represents its highest closing price since January 18, 2022. Optimism regarding robust growth in Intel’s CPU segment and potential signs of recovery in its manufacturing (foundry) business has driven the stock's recent outperformance.
Key Drivers: Capacity Sell-outs and Price Hikes
Recent data from KeyBanc indicates that due to "panic buying" by hyperscale cloud providers, server CPU capacity for both Intel and AMD is essentially sold out for the duration of 2026. To manage this extreme supply-demand imbalance and ensure stable future supply, both companies plan to raise server CPU prices by 10% to 15%.
As AI evolves from simple assistants into AI Agents capable of planning and executing tasks, the industry's demand for general-purpose computing power is accelerating, sending CPU demand skyrocketing.
Intel: A "Phoenix Rising" Moment?
Intel and AMD are scheduled to disclose their Q4 earnings on January 22 and February 3, respectively. Several Wall Street investment banks have recently raised their price targets. Intel, appearing first tomorrow morning, is the "main event." Its performance will determine if it can maintain its status as an emerging winner in the AI era.
Wedbush analyst Matt Bryson noted that while Intel has struggled in the AI accelerator market, demand for its server CPUs appears robust as AI systems grow more complex, which could drive a "beat" in the latest quarterly results.
HSBC recently double-upgraded Intel from "Reduce" to "Hold," aggressively raising the price target from $26 to $50. Analyst Frank Lee emphasized that the shift toward autonomous AI agents is accelerating the need for general-purpose computing (CPUs).
The Risks:
Despite the hype, analysts remain cautious. Bernstein’s Stacy Rasgon pointed out Intel's ongoing loss of market share in the server business and concerns that customers may still favor older products over new ones, clouding the visibility of actual supply shortages. Additionally, rising memory costs could squeeze margins and dampen PC demand.
Earnings Expectations (FactSet):
Adjusted EPS: $0.08
Revenue: $13.4 billion
Client Computing (PC): $8.4 billion
Data Center & AI: $4.4 billion
Q1 Revenue Guidance: $12.5 billion
AMD: Server CPU Inventory Nearly Exhausted
On the AMD front, KeyBanc analyst John Vinh expects the company to beat expectations and raise guidance when it reports next month. This is driven primarily by the "strong demand" for the latest generation Turin data center CPUs.
Vinh noted that AMD’s server CPU inventory for the year is nearly sold out as hyperscalers scramble to lock in capacity. He predicts AMD’s server CPU business could grow by at least 50% this year. Similarly, Bernstein raised its Q4 revenue estimates for AMD, forecasting a 30% jump in sales for the EPYC series (including Turin) this year.
The GPU Question:
While the CPU side is flourishing, Vinh noted that Wall Street remains "mixed" on AMD’s GPU competitiveness against Nvidia. Bulls are encouraged by AI progress, while bears remain skeptical of AMD’s ability to meet yield and performance expectations for its GPUs.
Investors will be looking for updates on the Helios rack-level solution and the Instinct MI455 series. Currently, OpenAI is AMD's only "heavyweight" customer for the Helios racks; AMD's entire AI narrative may depend on securing more high-profile partners for this platform.